Uranium Energy recently announced that it has acquired section 4 Mines in New Mexico. Homestake and Anaconda previously operated them. It leaves the company with all of section 4 drill rights, map area, and previous drill logs. This further expands their position in the Toledo trend of Mines.
Section 4 is located in Cibola County, New Mexico and covers 640 acres. This is along the Toledo uranium trend within the limestone. The company has set a target within the Toledo area having also recently acquired F-33 project, a Mine located 4 miles south. This area has past ties to BP, Homestake, and Anaconda who have all had successful past mining operations.
Company geologists have collected samples from the area and many have shown significant levels of uranium. At depths of 400ft, they have encountered unusual levels of Gama activity. Future drilling operations are planned to possibly reveal the strength of the Section 4 Mines.
Section 4 mines also offer many advantages over other Mines near the area. They occur above the water table allowing for safe mining of the Uranium. It is also an extremely higher grade than other mines in the area. Vanadium is also found in Section 4 Mines adding to the revenue stream.
The President and CEO Amir Adnani is quoted saying, “Our technical team continues to make advances with the Company’s historic uranium data files, and the Section 4 Project is one such example. The Company’s quality acquisition initiatives are building a platform for near-term and ongoing growth in six states.”
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